Orange County’s median home price in July fell from a record high to $639,000, versus a month earlier, with the sales pace continuing to slow.
The median price of a home sold in OC was $639,000 in July, down 1% from the record $646,000 posted in June, according to La Jolla-based market tracker DataQuick Information Systems, a unit of Canada’s MacDonald Dettwiler and Associates.
The median price was up 6.3% from a year earlier. The annual price increase was the smallest recorded in OC in nearly seven years.
The number of homes sold in the county dropped 36% to 2,779 in July, versus a year ago. There were 3,608 homes sold in June, with 3,113 homes trading hands in May.
Similar volume and pricing trends were seen across Southern California last month.
The median price of a Southern California home rose 4.9% to $492,000 in July. That is the slowest rate of growth in more than six years, and is a drop of $1,000 from June’s result, which had been a record high.
In July, 22,712 Southland homes were sold, a 27% drop from the year before. It was the fewest number of homes sold in July since 1997.
More than 29,000 new and existing homes were sold in Southern California in June.
Of all Southland counties, San Diego home prices continued to show the biggest signs of a downturn. Prices there declined 1.8% from last year to a median price of $487,000. That’s down $1,000 from June.
